TON is a blockchain-based decentralized platform that was initially developed by Telegram. It was designed to provide fast and secure communication services as well as a range of other features, including decentralized applications (DApps) and smart contracts.
In February 2023, the Open Network introduced Ton.Vote, a decentralized governance system created in collaboration with Orbs, a public blockchain platform. Orbsβs primary product is called Layer-3, which means that it is built on top of other blockchains and enhances their smart contracts.
Ton.Vote uses technology to ensure tamper-proof voting. What is more, Orbsβs node operators, called guardians, provide an additional layer of assurance because they independently verify the accuracy of voting.
In order to vote on a proposal on Ton.Vote, it is necessary to first purchase the coins using any platform where Toncoin exchange is possible; usually, these are large exchanges with a wide variety of coins, where they can buy Monero, Bitcoin, etc. After that, TON holders connect their digital wallets, and then they can utilize their token balance to participate in the available proposals.
The first voting took place from February 14th to 21st, 2023. The proposal was to freeze those tokens that were held in inactive mining wallets. These are the wallets with no transaction activity during the last 4 years. The vote received over 1.7 million TON tokens and had a 91.75% majority in favor of the proposal. Over a billion tokens have been suspended as a result.
In order to make the process transparent, the developers allow users to download votes and verify the results.
To sum up, TON.Vote is a promising concept that can be utilized across many projects. Making the governance decentralized and trustless will democratize the platform by allowing token holders to have a say on the decisions that concern them. As a result, we can expect enhanced transparency and a better user experience.